Vacant Duplex with Separate
For Sale
$390,000
1929 N GRATZ ST, Philadelphia, PA 19121
Vacant two-unit property with separate utilities and flexible layouts for immediate occupancy.
Property Size1,231 SF
Price / SF$316.82
Days on Market38
Property Features for 1929 N GRATZ ST
General Information
Standard status
Active
Size
1,231 SF
Property subtype
Multi-family
Additional Details
Public Transit
Yes
Multifamily Units
2
Listing Agency:
Keller Williams Main Line
(610) 520-0100
Listed By:
nabila baba alaoui-jackson · License #RS344492
(215) 936-9386
Source:
360
Added: Aug 26
Changed: Sep 30
Last Checked: Oct 1 at 11:11AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Main Line
Investment Insights
Based on property information with market context.
Built in 2012, this duplex contains approximately 2,600+ square feet across two residential units. The property is currently vacant, with separate utilities serving each unit and layouts that provide generous living areas. Its condition supports immediate occupancy or a repositioning strategy, subject to applicable requirements.
The property is located at 1929 N Gratz Street in Philadelphia, near Temple University, public transportation, and major development corridors. The surrounding context supports both student-housing and long-term rental applications, as stated in the property information.
The property is located at 1929 N Gratz Street in Philadelphia, near Temple University, public transportation, and major development corridors. The surrounding context supports both student-housing and long-term rental applications, as stated in the property information.
Key Highlights
- Duplex with approximately 2,600+ square feet
- Two residential units with separate utilities
- Currently vacant for immediate occupancy or repositioning
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,007
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.39%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$420,140
$420.1K
Cap Rate 7%
$300,100
$300.1K
Cap Rate 9%
$233,411
$233.4K
Market Conditions
NOI Build-Up for 1,231 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$31.8K $25.80/SF
− Vacancy
−$1.7K −$1.42/SF
EGI
$30.0K $24.38/SF
− OpEx
−$9.0K −$7.31/SF
NOI
$21.0K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$420,140
Cap Rate 7%
$300,100
Cap Rate 9%
$233,411
Alternative Uses
Best Use
Multifamily LT 5
$300.1K
$262.6K – $350.1K
NOI $21,007 @ 7.0% cap · market cap 5.39%
Second Best
Apartment 5plus
$276.6K
$242.0K – $322.7K
NOI $19,363 @ 7.0% cap · market cap 4.96%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,097
Businesses Nearby
Explore this area
Business Placement
Demographics for 19121, PA
41,799
Population
19,673
Households
2.1
Avg Household Size
28
Median Age
25%
College-Educated
84%
High-School Grad
2.4 sq mi
ZIP Area
17,416
Density / Sq Mi
$36,208
Median Household Income
$29,915
Median Earnings
$1,082
Median Rent
$250,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant two-unit property with separate utilities and flexible layouts for immediate occupancy.
Where is this duplex located?
The property is located at 1929 N GRATZ ST Philadelphia, PA.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Duplex with approximately 2,600+ square feet; Two residential units with separate utilities; Currently vacant for immediate occupancy or repositioning
